Federal banking regulators and mortgage banking professionals will have their say on "exotic" mortgages on Sept. 20 when two Senate Banking subcommittees host a joint hearing on the hot new products.The subcommittees on housing and on economic policy have invited five federal banking regulators to testify, as well as representatives from lending, mortgage insurance, and consumers groups. The hearing comes just as banking regulators are trying to finalize guidance that would strengthen underwriting and improve consumer disclosures on interest-only loans and payment-option adjustable-rate mortgages. Federal regulators are close to agreeing on IO and option ARM guidance, but are hung up on how to treat negative amortization and whether it should be added to the principal amount of an option ARM for purposes of qualifying a borrower. Mortgage lenders originated $83.3 billion in option ARMs in the second quarter, which accounted for almost one in 10 of residential loans funded, according to survey figures compiled by National Mortgage News and the Alternative Products Quarterly Data Report.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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